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Tag Archives: Stablecoins

Top 30 Cryptocurrencies Gained 300% on Average in 2020: Report

In its annual report on the developments within the cryptocurrency field, the popular monitoring resource CoinGecko asserted that the top 30 coins by market cap added on average 300% in 2020. Moreover, the paper noted that the most widely-used stablecoins had neared $30 billion in circulation after a 440% surge.2020: Best Price PerformersCoinGecko’s report noted that the market caps of the top 30 cryptocurrency assets grew by $552 billion (308%) in 2020. Thus, last year’s results have...

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Stablecoins Need More Supervision and May Be Securities, Presidential Advisory Group Says

After shocking the crypto-verse with what is possibly the most ambitious lawsuit in the history of the U.S. crypto industry (accusing Ripple of issuing unregistered securities for more than $1.3 Billion), today the country’s regulators issued a major statement regarding how they foresee the future of stablecoins and, spoiler alert, the landscape looks heavily regulated.On December 23, 2020, The President’s Working Group on Financial Markets released a statement on critical regulatory issues...

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Visa Partners With Circle to Integrate USDC for Payments

Visa, a global financial services company and credit card giant, has partnered with Circle Internet Financial, a leading crypto fintech startup, to integrate the latter’s stablecoin.Visa Taps USDC for Digital PaymentsAccording to Forbes, on Dec. 2, Visa will be adopting Circle’s USD Coin (USDC) into its credit card platforms. The collaboration between both companies would see the use of the stablecoin to send and receive payments.Although Visa will not be a custodian to the USDC, Circle will...

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Bitcoin-Friendly Avanti Receives License to be The Second Crypto Bank in The US

Now the United States can boast a new crypto bank: Welcome Avanti. Avanti Financial Group, a firm founded by the former managing director at Morgan Stanley, Caitlin Long, announced that it had been granted a license to offer banking services by the Wyoming State Banking Board. Avanti is The Second Crypto-bank Operating in the United States With this decision, Avanti becomes the second crypto company to receive a banking license after the crypto exchange Kraken was also...

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Bitcoin’s Core Value Is to Be Rationed, Says the Acting US Comptroller of the Currency

During his appearance on DC Fintech Week 2020, the Acting Comptroller of the Currency Brian Brooks praised decentralized networks, highlighted the expanding role of cryptocurrencies and the necessary regulations, and hinted that central banks could actually become nodes to blockchain networks. Brooks On Crypto And Regulation In Brooks’ opinion, banks have treated cryptocurrency assets as “pawn shops or some other kinds of disfavored businesses that can’t be touched” in the...

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Tether May Become the Second-Largest Cryptocurrency Soon

Will stable currencies ultimately take over bitcoin? According to a new report, the controversial stable coin known as Tether is slated to become the second-largest cryptocurrency by market cap as early as next year, and will only be smaller than bitcoin, but how long will that last?Is Tether About to Get Much Bigger?The world of stable coins has doubled in the past few months, and it looks like average traders and retailers alike are getting into the stable coin craze. Even Atari, a video...

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Stablecoin Market Cap Reaches $20 Billion: Same as Crypto Market Cap in February 2017

The combined stablecoin market recently topped a valuation figure of $20 billion. Apparently, this was the total market value of all cryptocurrencies in the pre-bull run month of February 2017. Also, stablecoins together are contributing to $26 billion worth of trading volume.The Crypto Stablecoin Market Is BoomingAs per the latest statistics, the total market cap of all stablecoins in circulation has topped $20 billion. This, as per crypto Twitter commentator, Dan Romero, was the value of...

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ECB Report: Stablecoins Should Not Be Named Stablecoins

In a recent report on stablecoins, the European Central Bank (ECB) questioned the accuracy of their name arguing that it may be misleading to users. The paper also highlighted that stablecoins could have a significant role in a digital economy if adequately regulated.The Name Stablecoins May Not Be A Proper Fit: ECBWhether they are backed by a fiat currency like the US dollar or commodities such as gold, stablecoins were created to provide a “stable” alternative to the highly volatile...

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US Banks Can Now Hold Reserves on Behalf of Stablecoin Issuers: OCC

The Office of the Comptroller of the Currency (OCC) is turning out to be the greatest supporter of the US cryptocurrency industry.Yesterday, the banking regulator issued a letter that greenlighted national banks and federal savings associations to hold “reserves” on behalf of stablecoin issuers. The stablecoins in the discussion are fiat-collateralized, i.e., backed by the US dollar or fiat currency of any other nation.US Banks Allowed To Hold Reserve Funds For Stablecoin IssuersOn Monday,...

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YFI Founder: USDT and USDC Will Soon Be Available on Layer Two

Stablecoins, which make up a huge chunk of those steep fees, could all switch to Layer 2 for some relief, according to one industry expert.Yearn Finance founder, Andre Cronje, has suggested that USDC and USDT will soon be available on Layer 2 as stablecoins make the transition away from Ethereum.USDC and USDT will soon both be available on L2.This will allows non-congested transfers of USDC and USDT.This is great if you do payments in USDC and USDT.From my experience USDT and USDC are trade...

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